Stocks Surge on Surprising Jobs Report


The Dow Jones Industrial Average rose less than 0.1%, to 26,281.82, and the Nasdaq composite fell 0.7% to 9,615.81.

Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) climbed 2.1% to 9,814.08, a new all-time high.

The Dow closed just 11.93 points higher on Thursday, halting a rally the peaked yesterday on growing optimism regarding the reopening of several USA states.

The S&P 500 is now 1.1 percent below its year-to-date break-even level.

Still, all three major indexes have shown remarkable resilience since their late March plunge, with the Nasdaq, the S&P 500 and the Dow about 2%, 8% and 11% below their respective record highs reached in February. The S&P 500, a proxy for the performance of USA retirement and college savings accounts, gained 81.58 points, or 2.62 percent, to settle at 3,193.93. The company's revenue for the first quarter of 2021 fiscal year increased by 50% to $201,650 million Experts predicted $186,2 million Adjusted net loss of Slack in the last quarter was 2 cents per share against 23 cents a year earlier. "I think there were a lot of people who felt that the layoffs would be permanent, and it's obvious that there's so much demand that people have to bring people back".

On Thursday, the Dow Jones rose by 0.05%, ending in positive territory for the fourth trading day in a row.

"The unemployment rate was solid; the participation rate was higher".

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Continuing a recent trend, investors on Friday continued to move out of stocks that had been earlier winners in the weak, stay-at-home economy and into companies that would benefit most from a growing economy.

As a result of the new jobs report, many now believe that the US' recovery will be closer to the "V-shaped" variety.

"Something like this builds credibility for what the stock market has been telling you", said Brian Belkin, chief investment strategist for BMO Capital Markets. "The one thing I'm still cautious on is this incredible optimism trade is being driven without any earnings yet to support it".

The euro rallied for an eighth session after the European Central Bank said it would increase the size of emergency bond purchases by €600bn to €1.35trn, more than analysts had expected. Fiscal and monetary aid measures from Frankfurt and Berlin exceeded expectations this week, and reports showed that Trump administration officials expect to spend as much as US$1 trillion in the next round of aid.

Bank stocks, which have been decimated during the pandemic as lending activity and margins dried up, soared as the jobs report suggested a quick bounce back for the economy.

The S&P 500's staggering rally from its March low has mostly been powered by a sentiment shift overnight, according to data compiled by Bloomberg.